Blockchain-Driven Standardization and Digital Transformation in Global Trade: Insights from Singapore's Tradetrust Initiative
Bengisu Vural, Hasibe Aysan · International Journal of Business and Applied Social Science · 2025
This study explored the digital transformation of international trade documentation, focusing on blockchain-based solutions to enhance trust and efficiency. The research examined Singapore’s TradeTrust initiative as a case study, analyzing its implementation and impact. Four key pillars were assessed: (1) digitization outcomes and ecosystem adoption, (2) blockchain security and authentication protocols, (3) operational efficiencies and cost benefits, and (4) regulatory frameworks and cross-border cooperation. Findings demonstrated that digital trade documentation reduced processing times, improved transparency, and supported sustainability through paperless trade. However, successful adoption required addressing technological interoperability, operational integration, and regulatory alignment. The study provided insights for policymakers and practitioners advancing modern trade systems, highlighting the need for balanced innovation and governance in digital transition efforts.